Director, Actuary (International Insurance ~Modeling/Economic Scenario Generator)
Job Code: 378119
Job Location: New Jersey-Newark
For more than 135 years, Prudential Financial Inc. has helped individual and institutional customers grow and protect their wealth. Today, we are one of the world's largest financial services institutions with operations in the United States, Asia, Europe, and Latin America. We also have one of the most recognized and trusted brand symbols: The Rock ®, an icon of strength, stability, expertise, and innovation. For more information, visit www.prudential.com.
Prudential International Insurance (PII) continues to be one of Prudential's fastest growing and most profitable business groups. PII has operations in eleven countries around the world (Japan, South Korea, Taiwan, Malaysia, India, Chile, Brazil, Argentina, Mexico, Poland, and Italy) and is looking to fill a new Director position in the Actuarial department in Newark, New Jersey.
The Director, Actuary position is responsible for leading generating economic scenarios for local operations for US GAAP, Solvency II, IFRS and other purposes. This position also supports other strategic projects, and is highly visible and strategic, and plays a key role in PII Actuarial by partnering with the local operations, various enterprise and domestic counterparties. This position will report to the team lead of Risk, Capital and IFRS unit.
Primary responsibilities include
• Lead the implementation and modeling of Economic Scenario Generator tool (Moodys ESG, previously B&H) to support local operations ( local currencies and USD) for US GAAP, Solvency II, IFRS and other purposes
• Manage the production and quarterly deliverables in respect of real world and risk neutral market consistent stochastic scenarios
• Act as the subject matter expert for economic scenarios within PII. Communicate and discuss with local operations, Corporate Actuarial, and vendors for related projects, and also partner with other ESG teams at Prudential
• Research and improve the ESG process to achieve better efficiency and better control. Manage work streams and drive all ESG related efforts to a successful completion
Examples of special strategic projects
• Support local operations in the building of actuarial models and analytical tools for the implementation and reporting of new regulatory regimes, for example Solvency II and IFRS 4 Phase 2
• Review production results for various capital or valuation projects, and provide timely, accurate and insightful analysis
• Build out a proto-type single platform solution for IFRS and Solvency II with local operations and help their implementation of IFRS and Solvency II
• Experience with Economic Scenario Generator tools and related expertise including derivative pricing, interest-rate modeling, stochastic modeling, Monte-Carlo simulation, etc. Experience with Moody’s Analytics ESG software (previously B&H) is highly preferred
• Knowledge of market-consistent valuation techniques in particular in respect of life business for both assets and liabilities is preferred. Previous experience with risk neutral market consistent stochastic economic scenarios generator and understanding of methodologies (e.g. 2FBK, LMM, LMM ) is preferred.
• Strong background in financial economics and/or statistics. Financial engineering background is preferred.
• Strong quantitative and analytics skills, including the ability to understand concepts and assess situations in a timely manner.
• Strong financial/modeling knowledge (US GAAP, Statutory or ALM) with any financial modeling software experience
• Broad understanding and relevant experience with Life and/or Annuity productsStrong execusion skills
• Excellent written and verbal communication skills
• A minimum of 3 years of actuarial modeling experience in valuation and projection in an open coding system such as Prophet is desired
• Programming experience, preferably in C type language, is a plus
• ASA or FSA with 5 years of actuarial experience is required, CFA a plus
• Internatioanl experience is a plus
Prudential is a multinational financial services leader with operations in the United States, Asia, Europe, and Latin America. Leveraging its heritage of life insurance and asset management expertise, Prudential is focused on helping individual and institutional customers grow and protect their wealth. The company's well-known Rock symbol is an icon of strength, stability, expertise and innovation that has stood the test of time. Prudential's businesses offer a variety of products and services, including life insurance, annuities, retirement-related services, mutual funds, asset management, and real estate services.
We recognize that our strength and success are directly linked to the quality and skills of our diverse associates. We are proud to be a place where talented people who want to make a difference can grow as professionals, leaders, and as individuals. Visit www.prudential.com to learn more about our values, our history and our brand.
Prudential is an equal opportunity employer. All qualified applicants will receive consideration for employment without regard to race, color, religion, sex, sexual orientation, gender identity, national origin, genetics, disability, age, veteran status, or any other characteristic protected by law.
Note that this posting is intended for individual applicants. Search firms or agencies should email Staffing at firstname.lastname@example.org for more information about doing business with Prudential.
Job Function: Actuarial